Dismantling a fraud ring of tens of thousands of billions of dong through virtual currency

Previously, through professional work, in June 2025, Lao Cai Provincial Police discovered a group of subjects organizing conferences in Lao Cai province with the purpose of mobilizing people to invest financially in virtual cryptocurrencies, which do not exist on the market, showing signs of "Violating regulations on multi-level marketing" and "Using computer networks, telecommunications networks, and electronic means to commit acts".appropriation of property”.

Identifying this as a large-scale fraud ring operating nationwide, the Director of Lao Cai Provincial Police directed the establishment of a special project and focused forces to fight and destroy it. On August 24, the Provincial Police presided over and coordinated with the Department of Cyber ​​Security and High-Tech Crime Prevention and Control, the Criminal Police Department, the Ministry of Public Security to deploy 6 working groups with nearly 100 officers and soldiers to simultaneously crack down on the case and conduct searches at many locations nationwide (Lao Cai, Hanoi, Ho Chi Minh City, Gia Lai, etc.).

As a result, 25 subjects were arrested, including the mastermind of the ring and all related subjects. Through the investigation and verification, it was initially determined that the subjects had organized illegal transactions with an amount of up to tens of thousands of billions of VND. The Investigation Police Agency promptly froze accounts and assets with a total value of over 400 billion VND.

At the police station, the subjects confessed that they had created apps and websites to post information about a virtual cryptocurrency that did not exist on the market, then called on ignorant people to invest real money to buy virtual cryptocurrency. The subjects also instructed customers to call on many people to invest to receive commissions (in a multi-level marketing method). However, the subjects did not allow withdrawal of the principal in order to appropriate the victims' assets.

Currently, the Investigation Police Agency of Lao Cai Province is continuing to expand the investigation and clarify the subjects' behavior according to the provisions of the law.